Foreign Exchange
Malaysian central bank liberalises forex regime
New governor also signals end to policy of forcing cap on foreign ownership of insurance firms
Ex-PBoC governor says renminbi internationalisation is long-term project
Future is "promising", despite signs of stagnation
Turkish central bank raises overnight rates in bid to stop lira’s fall
Move comes despite president Erdoğan’s hostility to rate hikes; banking authority also acts
Argentinian central bank takes drastic action over currency crisis
BCRA hikes key rate by 500 basis points and pledges major forex and debt changes
Argentine finance minister becomes central bank governor as crisis deepens
Sturzenegger resigns as Argentine government says it expects IMF aid package soon
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
UAE deposits $1.4bn with Sudan’s central bank as currency pressure continues
The country has “unsustainable” debt levels and US sanctions hurt debt relief – IMF
Sudanese central bank weakens foreign exchange rate for banks
Official rates remain well above black market prices, local reports say
Liberian central bank attacks legislation as ‘forced de-dollarisation’
Central bank calls for gradual approach to prevent possible severe consequences
DNB paper looks at Fed’s use of credit swap lines
Federal Reserve used currency swap lines to calm markets in worst of crisis, paper says
Weaker franc gives SNB newfound leeway
The central bank may be able to slow or halt its massive foreign exchange acquisitions as the Swiss franc hits its lowest level against the euro since January 2015
Bank of Russia to buy forex to counter oil price changes
Central bank will sell or purchase forex at the direction of the finance ministry
Ukrainian central bank drops open forex auctions
National Bank of Ukraine aims to “minimise its presence” in the foreign exchange market by dealing directly with large banks via a closed system
Chinese law doubts holding back RMB internationalisation – paper
A Bank of Italy occasional paper plots the development of renminbi trading in Europe; future development may be characterised by rapid advances followed by slower periods, authors say
IMF staff raise concerns over Nigeria’s FX regime
Report voices worries about unintended consequences of FX restrictions, calling for more flexibility in exchange rate; Nigeria's authorities insist measures are temporary
Solomon Islands urged to include renminbi in exchange rate basket by IMF staff
IMF staff suggest changes to exchange rate regime; Solomon Island authorities will consider expanding basket, but reject suggestion of using cash reserve ratio to mop up excess liquidity
Guy Debelle reviews forex code progress ahead of first-phase release in May
Global code to be implemented as principles rather than rules; regulators may implement with element of variation depending on market participants, Debelle notes
Venezuela revamps foreign exchange regime
Government moves to exchange rate system, offering an official and floating rate to market participants; second sets of changes in as many years
Trinidad governor implies $500m injection failed to solve US dollar shortfall
Trinidad and Tobago’s Jwala Rambarran says domestic economy faces ongoing shortfalls of US dollars despite $14 billion in official sector forex assets; calls for diversification in the economy
US ‘unwilling to compromise' on derivatives rules, China vice-minister of finance says
Differences in accounting practices remains an urgent issue, Zhu Guangyao argues in a new China report; contributors critical of dollar's ‘exorbitant privilege' as sole reserve currency
Bank of China chairman on RMB internationalisation moving from strength to strength
The renminbi now ranks second in the world’s most-used currencies in trade finance, and its internationalisation has gone from strength to strength, says Tian Guoli, chairman of the Bank of China
Yi Gang on China's new foreign exchange philosophy
State Administration of Foreign Exchange director Yi Gang discusses five changes in China's foreign exchange management as well as the long-term value of the renminbi
Five problems with floating rate exchange regimes
Robert Aliber bemoans the dangers of sharp moves in major currencies that are the result of floating rate currency regimes, and answers five rhetorical questions related to monetary stability
Central Bank of Brazil extends swap auctions
Brazil’s central bank will continue to hold daily foreign-exchange swap auctions until March, but has reduced the amount on offer from $200 million to $100 million a day